Judicial integrity paramount in handling capital market cases
The Chief Justice of Nigeria (CJN), Justice Olukayode Ariwoola, has charged judicial officers to be conversant with laws governing financial sector both within and outside the country.
The charge follows the crucial role judiciary plays in the development and growth of any nation, including the political and economic environment.
Ariwoola spoke while declaring open a three-day workshop on Asset Forfeiture Regime under the Nigerian Law.
The workshop was organised by the Attorney General Alliance – Africa Programme (AGA-Africa), in collaboration with the National Judicial Institute (NJI), Abuja.
While emphasising the correlation between efficient judiciary, stable economy and international financial systems, the CJN stated that judges could only contribute their quota when they are up-to-date with relevant laws.
“The judiciary is a key player in the society. Therefore, it is pertinent for you as judicial officers to be up to date with relevant laws regulating the capital market so as to have an objective view of the capital market at all times.
“In this light, the effective use of relevant and most importantly, current laws for guidance in adjudicating capital market cases contributes to the potency of your decisions as judicial officers,” he said, adding that recent legislations such as, Money Laundering Prevention and Prohibition Act (MLPPA) 2022, as well as Proceed of Crime Act (POCA) 2022, among others, will enhance the capacity of judicial officers in handling asset forfeiture and capital market cases.
According to him, the laws are in line with the legal and institutional frameworks for recovering proceeds from crime as well as the management, confiscation and forfeiture of property or assets that are procured for unlawful activities; even if the proceeds of crimes are used to procure assets in the capital market.
The CJN noted that besides knowledge of relevant laws, judicial officers must be guided by the code of conduct for judicial officers in their adjudication of the capital market cases.
Justice Ariwoola said: “It is important that I emphasise the need to dispose of cases in a speedy and efficient manner as justice delayed is certainly denied.
“You will agree with me that delay in the disposal of cases is at variance with quick and efficient justice delivery.
“It is our duty to ensure that our justice sector is at par and in line with global best practices, and remains a task that all stakeholders must close ranks to tackle as it is the desire of Nigerians that delay in justice delivery is curbed.”
Timely, transparent and efficient adjudication including enforcement of laws, he said, will curb corruption and create incentives for investors.
In an overview of the Asset Forfeiture Regime in Nigeria, senior partner, PUNUKA Attorneys and Solicitors, Chief Anthony Idigbe (SAN), noted that the purpose of the workshop was mainly to share knowledge both in regional and international perspective on Asset Forfeiture Regime, particularly, in the light of the recent proceed of Crime Act 2022.
“So, there’s the need to share knowledge on how the court would handle the cases that would arise from this new law, both in terms of combating transnational crimes and also ensuring that the provisions of the Constitution that guarantees certain rights to citizens are adhered to,” he explained.
He stated that the laws when applied effectively by the courts would eliminate impunity in the system, serve as deterrent to others and in addition, help in bringing back forfeited assets for public use.
Guardian